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US: Third Point settles over antitrust filing in DowDuPont case

 |  August 29, 2019

Third Point has agreed to pay more than US$600,000 to settle allegations the hedge fund failed to properly file for antitrust clearance when it bought DowDuPont stock two years ago, the US Justice Department announced on Wednesday, August 28.

Third Point, which invests roughly US$15 billion in securities around the world and is run by billionaire investor Daniel Loeb, will pay a civil fine of US$609,810, the Department stated.

Two years ago the hedge fund allegedly bought too much DowDuPont stock too quickly, failing to make the required Hart-Scott-Rodino filings or observe a required waiting period.

The hedge fund could have faced much higher penalties but the Justice Department stated it reduced the fine because the “violation was inadvertent.”

Firms are required to make the Hart-Scott-Rodino filings to give the government time to investigate potential antitrust violations.

Full Content: Channel News Asia

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